Binance Plans to Take Regulatory Scrutiny Head on by Considering Obtaining Investment from Govt. Funds
Binance’s Singaporean entity has tapped Abu Dhabi’s financial watchdog as its CEO.
The exchange announced on Monday in a press release that its fiat-to-crypto trading platform, Binance Singapore, has hired Richard Teng to head the exchange, with whom they have been in talks since last week, as we reported.
Teng spent 13 years with the Money Authority of Singapore, seven years as the chief regulatory officer of Singapore, and the past six years at the Financial Services Regulatory Authority at Abu Dhabi Global Market.
“I am thrilled to be joining Binance Singapore at this pivotal time for the blockchain and crypto industry.”
“I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards.”
— CZ 🔶 Binance (@cz_binance) August 23, 2021
Binance Singapore offers the residents and citizens of Singapore trading pairs for Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). SGD deposit and withdrawal functionality is provided on the platform through Xfters Direct.
Its Singapore entity is currently focused on securing “more strategic partnerships, fostering innovation and furthering the local cryptocurrency ecosystem in Singapore,” said Binance CEO Changpeng Zhao (CZ).
Amidst this, Chinese publication Wu Blockchain said, the leading cryptocurrency exchange is considering obtaining investment and protection from government funds at a valuation of $200 billion.
Citing multiple sources, CZ has made it clear that Binance is only looking for those VCs that can help the exchange with regulators and obtain operating licenses. It is starting with Binance Singapore, and reportedly, Vertex Ventures, a subsidiary of Singapore’s sovereign fund Temasek has invested in the exchange.
“Would not be surprised if CZ pulls this off,” commented trader Hsaka.
“The guy took a $15m cheque and created the worlds largest crypto empire in 6months.”